The landlord had told them he wanted to raise the rent to $3,500 and when they complained he decided to raise it to $9,500.
“We know that our building is not rent controlled and this was something we were always worried about happening and there is no way we can afford $9,500 per month," Yumna Farooq said.
Same thing is happening to me right now (UK). LL inherited a portfolio of mortgage-free properties a few years back, immediately jacked the rent up on them all. I tried to haggle what imo was an egregious rent increase (notified middle of the year after asking for a minor repair), we agreed on a price then he served me notice to quit; via the letting agent, not a peep or thanks from the LL after I’ve put ~£90000 into his familys’ accounts over 13 yrs.
Of course, I can pay someone elses mortgage, but when I apply to a bank for one myself, I can’t afford it.
But when you can’t afford it any longer, the landlord is free to replace you with someone who temporarily can. That’s the difference!
Bank can’t do the same thing?
No